The Economists lists South Sudan as fastest growing economy of 2014

Graphic shows the economic, health, social and literacy statistics of South Sudan, 09 Jul 2012(Thomson Reuters)

Economist’ top growers’ list for 2014 springs surprises

South Sudan GDP forecast to grow fastest; China out of top-12 list for first time

Which economy will be the fastest-growing next year?

The answer will surprise most people. In fact, many will struggle to even pinpoint it on a world map.

It is South Sudan, going by The Economist’s Top Growers for 2014 list. Occupying the top spot, this landlocked East African economy, which depends on oil for reportedly more than 90 per cent of its revenue, is predicted to grow its gross domestic product (GDP) by 35 per cent.

The resumption of oil production earlier this year – after it was halted in January 2012 over a disagreement with Sudan, from which it split in 2011 – will be a huge boost to its economic growth.

Ranked second on the magazine’s 2014 list of 12 runaway economies is Mongolia, expected to clock another double-digit year with 15.3 per cent growth, buoyed by a mining boom.

And third is Macau, projected to achieve 13.5 per cent GDP growth thanks to its gaming and tourism revenues.

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